OMV earnings quadruple in Q4

Core profits at Austria's OMV almost quadrupled in the fourth quarter, the company reported on February 3, thanks to strong performance across its main business divisions.

OMV's clean current cost of supply (CCS) profit exceeded €2bn ($2.3bn) in the three-month period, up from €524mn a year earlier. Its strongest performer was its upstream business, which saw earnings surge to €1.16bn from only €184mn in the final quarter of 2020, thanks to higher oil and gas prices, as well as a 4% bump in hydrocarbon production to 491,000 barrels of oil equivalent/day.

Earnings from refining and marketing were up 118% at €351mn, while chemicals and marginals delivered €512mn, up 146%. 

OMV said it intended to pay a €2.30 ($2.6)/share dividend for 2021, up 24%, following similar steps taken by many of its peers. It predicts its realised gas price to average over €25/MWh this year, up from €16.5 in 2021, and Brent to average $75/barrel this year, up from $71.